At the same time, each time someone of note comes out saying the stock market is a bubble, the media reprints the recent words of Warren Buffet who says those who are negative about the US economy are "out of their minds". Buffett must really believe what he is saying because he just became Bank of America's top shareholder. I for one think he is insane to buy a weakling bank like B of A this late in a bull market, especially when the shares are still very far from their 2006 highs.
It has been a long standing theme of mine that big financial names like Buffett that were made during the rise of liberal financing will fail to see the end days of the economic Ponzi that they helped to create and when it all implodes their names will be dragged through the mud. Many of my seemingly outlandish predictions, like Hillary losing the elections and many other things have come true. Bankrupt of America inc. is likely within $5 of a major peak that Buffett doesn't see coming IMO. Will BAC be Buffett's Waterloo?
No comments:
Post a Comment